Rhenus Logistics acquires The PSL Group
Global freight specialist The PSL Group (PSL) has been acquired by Rhenus Logistics, the UK division of German-headquartered global logistics service company Rhenus Group. BCMS advised the shareholders of PSL on the transaction, which completed in 2019.
PSL offers a wide range of services, including driver-accompanied scheduled express departures, 24/7 customs clearance, import/export consolidations and warehousing.
Founded in 1984, Essex-headquartered PSL was created as a forwarder for fashion markets in Italy and Portugal. Over 35 years the company extended its range of services throughout Europe, and grew larger through acquisition. An additional business arm, SkanTrans-PSL, was formed in 1990 through a partnership with four agents in Denmark, Finland, Norway and Sweden and remains one of the UK’s leading Scandinavian groupage specialists. At the time of the transaction, PSL operated seven offices throughout the UK.
The acquirer, family owned Rhenus Logistics, is a global logistics service provider. The Rhenus Group provides solutions for a wide variety of different sectors along the complete supply chain. These include multimodal transport operations, warehousing, customs clearance as well as innovative value-added services. The company was established in 1912 and has grown to a turnover of £4.6 billion (€5.1 billion) with 660 locations worldwide and 31,000 employees.
Rhenus Logistics UK Managing Director David Williams said: “The PSL Group acquisition is an important point of growth for the Rhenus UK portfolio, and we are delighted that we can share this exciting news. There is a unified goal to ensure the acquisition is not only a success for all parties but also to enable Rhenus to further solidify its place within the forwarding sector.”
PSL Managing Director John King commented: “Becoming part of the Rhenus group enables us to present new opportunities and services to our clients. With our joint experience, international contacts and expertise in road freight, there is broad scope for growth.”
BCMS Assistant Director Nick Lankester added: “Some clients come to us with an offer already on the table. In many cases, we end up finding a ‘hidden gem’ – another different buyer prepared to offer more; whether more money, better terms or a stronger fit. This was the case for PSL and Rhenus Logistics UK. We are very pleased that this transaction has completed and we wish both companies the very best for the future.”